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Sensex Ends 674 Points Lower; Banking and Finance Stocks Witness Selling
Fri, 3 Apr Closing | Monish Vora, TM Team

Indian share markets witnessed selling pressure throughout the day and ended lower. Investors were worried about the economic impact and uncertainty over the coronavirus pandemic.

Benchmark indices extended losses, as coronavirus cases continued to rise despite a complete lockdown. India is consecutively reporting biggest single-day jumps in new COVID-19 cases since Monday.

Sectoral indices ended on a mixed note, with stocks in the finance sector and banking sector, leading the losses, while healthcare stocks witnessed buying interest.

At the closing bell, the BSE Sensex stood lower by 674 points (down 2.4%) and the NSE Nifty closed down by 170 points (down 2.1%).s

The BSE Mid Cap index and the BSE Small Cap index ended the day down by 1.2% and 1%, respectively.

Asian stock markets finished on a negative note. As of the most recent closing prices, the Hang Seng was down by 0.4% and the Shanghai Composite stood lower by 0.6%.

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Speaking of Indian share markets, in the article titled How Corona Crash Hit Indian Financial Markets in March 2020 - 6 Charts, we dive deeper and look at how Indian financial markets performed in March 2020.

Also, speaking of the current stock market scenario, stock markets around the world witnessed one of the most painful correction phases in the month of March 2020.

Indian stock markets too mirrored the trend. In the month of March 2020, the Sensex fell as much as 23%.

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Moving on, the rupee is trading at 76.12 against the US$.

Gold Prices are currently trading up by 2.1% at Rs 44,249.

In domestic markets, gold prices rose sharply today tracking global rates. Further, a weaker rupee helped lift prices.

Speaking of gold, you will be surprised to know that the safe haven has outperformed equities over a 15-year period.

Have a look at the chart below:

An equal amount of Rs 100 invested in both gold and Sensex in 2004 would have generated higher returns in gold by a wide margin.

Your total investment in gold and Sensex would be valued at Rs 687 and Rs 410, respectively.

So, investors in gold are happier than investors in Sensex or equities at this moment.

In news from the automobile sector, shares of automobile companies witnessed selling pressure today on the back of disappointing March sales numbers, largely due to the nationwide lockdown to prevent the spread of coronavirus.

Reportedly, India's automobile sales are down by an average 64% as all manufacturing plants have been shut since the lockdown announced on March 24.

Shares of TVS Motors and Ashok Leyland slipped over 7% to hit new 52-week lows, while Hero MotoCorp, Tata Motors and Bharat Forge declined in the range of 5-6%.

Earlier this week, Maruti Suzuki said it had sold 83,792 in March, down 47% from a year earlier. However, the company said the number was not comparable with 2019 due to the suspension of operations from March 22.

Tata Motors' passenger vehicle sales for March fell 68%, while sales of commercial vehicles, including trucks and buses, slumped 87%.

The company said in the future, it would report sales numbers once a quarter instead of monthly to avoid needless short-term volatility and help investors focus on the long-term drivers of the business.

Mahindra & Mahindra (M&M) reported 88% year-on-year fall in its passenger vehicle (PV) sales for March. The company's passenger vehicle sales stood at 3,384 units in March.

The company also posted a 90% decline in its commercial vehicle sales, which stood at 2,325 units in March as against 24,423 units during the year-ago period.

Meanwhile, Bajaj Auto today reported a 38% decline in total sales to 2,42,57 units in March as against 3,93,351 in the same month last year.

Total domestic sales fell 55% to 1,16,541 units last month as compared to 2,59,185 units in March 2019.

The company, in a statement, said that its total two-wheeler sales were down 35% at 2,10,976 units as compared to 3,23,538 units in the year-ago month.

The auto sector has been experiencing a slump for several months with nearly all manufacturers reporting falling sales due to subdued consumer sentiment amid an economic slowdown.

We will keep you updated on the latest developments from this space. Stay tuned.

Moving on to news from the finance sector, data released by PRIME Database showed that financial year 2019-2020 saw a 62% jump in equity fundraising, with Rs 203.5 billion of funds raised by initial public offerings (IPOs) and Rs 512.2 billion of funds raised by already listed companies through the qualified institutional placement (QIP) route.

Overall, equity fundraising via various routes stood at Rs 916.7 billion in FY20, compared to Rs 564.9 billion in the previous financial year.

IPOs during FY20 saw strong appetite by institutional investors as well as retail investors.

QIP activity was up nearly fivefold, largely driven by issuances by Axis Bank and Bajaj Finance.

Funds mopped up through rights issues surged to Rs 560 billion.

Fundraising through public issuances of bonds saw 59% decline in FY20. As many as 35 issues raised Rs 149.9 billion, compared to 20 issues raising Rs 367.9 billion last year.

IPO activity this year is expected to see a sharp slowdown amid the coronavirus outbreak.

As many as 26 companies with approval from the markets regulator are looking to raise nearly Rs 260.6 billion from IPOs, while another six companies yet to receive nod have IPO fundraising plans of Rs 75 billion.

Stay tuned for more updates from this space.

And to know what's moving the Indian stock markets today, check out the most recent share market updates here.

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

Read the latest Market Commentary

What else is happening in the markets today? Dig in...

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Stock Market Updates

TORRENT POWER LTD Surges by 5%; BSE POWER Index Up 0.9% (Today's Market)

May 29, 2020 03:33 PM

TORRENT POWER LTD share price has surged by 5% and its current market price is Rs 321. The BSE POWER is up by 0.9%. The top gainers in the BSE POWER Index are TORRENT POWER LTD (up 5.1%) and GMR INFRA (up 6.2%). The top losers are THERMAX (down 0.7%) and JSW ENERGY (down 1.1%).

PETRONET LNG Surges by 7%; BSE OIL & GAS Index Up 3.2% (Today's Market)

May 29, 2020 03:33 PM

PETRONET LNG share price has surged by 7% and its current market price is Rs 261. The BSE OIL & GAS is up by 3.2%. The top gainers in the BSE OIL & GAS Index are PETRONET LNG (up 6.6%) and IOC (up 7.9%). The top losers is RELIANCE IND. (down 0.8%).

ERIS LIFESCIENCES LIMITED Surges by 5%; BSE HEALTHCARE Index Up 2.3% (Today's Market)

May 29, 2020 03:33 PM

ERIS LIFESCIENCES LIMITED share price has surged by 5% and its current market price is Rs 506. The BSE HEALTHCARE is up by 2.3%. The top gainers in the BSE HEALTHCARE Index are ERIS LIFESCIENCES LIMITED (up 5.2%) and ASTRAZENECA PHARMA (up 6.3%). The top losers are BLISS GVS PHARMA (down 0.9%) and DR. LAL PATHLABS LTD (down 1.2%).

COLGATE Surges by 7%; BSE FMCG Index Up 2.6% (Today's Market)

May 29, 2020 03:33 PM

COLGATE share price has surged by 7% and its current market price is Rs 1,428. The BSE FMCG is up by 2.6%. The top gainers in the BSE FMCG Index are COLGATE (up 7.0%) and GSK CONSUMER (up 5.1%). The top losers are E.I.D. PARRY (down 0.5%) and TATA CONSUMER PRODUCTS (down 2.4%).

J.B.CHEMICALS at All Time High; BSE HEALTHCARE Index Up 2.3% (Today's Market)

May 29, 2020 03:33 PM

J.B.CHEMICALS share price has hit an all time high at Rs 697 (up 6.3%). The BSE HEALTHCARE Index is up by 2.3%. Among the top gainers in the BSE HEALTHCARE Index today are J.B.CHEMICALS (up 6.3%) and ABBOTT INDIA (up 0.4%). The top losers include BLISS GVS PHARMA (down 0.9%) and DR. LAL PATHLABS LTD (down 1.2%).

Sensex Trades Marginally Lower; Axis Bank & Infosys Top Losers (Today's Market)

May 29, 2020 12:30 pm

Indian share markets are trading on a negative note with the BSE Sensex down by 142 points while NSE Nifty is trading lower by 26 points.

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